Copper: The downtrend will resume – Credit Suisse

The Copper recovery stays seen as corrective, in the opinion of strategists at Credit Suisse.

Key quotes

“Copper (LME) remains below key retracement resistance at $5357/70, with more important resistance still seen at $5518/90, the 2020 February low and previous range breakout point.”

“With a major top still in place our bias stays bearish for an eventual resumption of the broader downtrend, with a move below $4953 needed to now mark a near-term top for a fall back to $4371/18.”